You can’t afford 100-story buildings in Manhattan unless you’re the center of a financial empire!
The skyscrapers in New York are constructed from the value extracted by financial intermediaries.
As they say in Vegas - those hotels aren’t built by winning gamblers.
There are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.
If you’re buying the security, you’re buying at the top of the spread.
If you’re selling, you’re selling at the bottom of the spread. The spread is 2%.
So if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.
Life is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.
-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlove
2minutebitcoin
npub1p6…9ej3v
2023-05-14 12:01:24
Author Public Key
npub1p63d4vekvuql9zltpp4dezzfk2xxfgjsfqyglf4ju4syalekn4csn9ej3vPublished at
2023-05-14 12:01:24Event JSON
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"content": "You can’t afford 100-story buildings in Manhattan unless you’re the center of a financial empire!\n\nThe skyscrapers in New York are constructed from the value extracted by financial intermediaries.\nAs they say in Vegas - those hotels aren’t built by winning gamblers.\n\nThere are a lot of securities where there are only two market makers - bank A and bank B - which simply trade with each other. Two bond traders working in opposite buildings, going together for lunch/dinner/etc.\n\nIf you’re buying the security, you’re buying at the top of the spread.\nIf you’re selling, you’re selling at the bottom of the spread. The spread is 2%.\n\nSo if you turn over $1B of bonds, you’re paying $20 Million in commissions to the banks.\n\nLife is full of gatekeepers. It’s ultimately a competition for power - to be the ultimate gatekeeper - to gain the most claims on taxing an ever-greater network.\n\n-- an excerpt from the Saylor Series Episode 2 - the Rise of Man through the Dark and Steel Ages, its 2-minute version can be found here https://www.2minutebitcoin.org/blog/saylor-series-episode-2-the-rise-of-man-through-the-dark-and-steel-ages-robert-breedlove",
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